ERIC Akinduro, the Chairman, Shareholders’ Association, Ibadan Zone says real-time trading is helping the Nigerian Capital Market to thrive in the face of coronavirus (COVID-19) pandemic.
Akinduro made this known in an interview with the News Agency of Nigeria (NAN) in Ibadan.
He commended the leadership of the Nigerian Stock Exchange (NSE) for being proactive in setting machineries in motion for such a time as this.
“As one of the players in the market, I can say that the market is really encouraging.
“It is very active in the sense that we are getting more bullish period (Stock Market characterised by rising share prices).
“Economically, if we should look at it, by now we should not have such a thing because there is not much activity in the economy.
“But when you look at our market at times, what is driving our market is quite different from finance, as we can see it in the market presently,’’ he said.”
He noted that the market was not feeling the heat of the present pandemic and lockdown occasioned by the novel COVID-19.
“The lockdown has not really affected the market negatively because we can see that some of the companies are really performing well now.
“But one thing we know which I am quite sure of is that we are going to see the likely reverse aspect of the market at the end of the day.
“It may not be in the long term but in the short term because the market is one that is progressing,” he said.
The trend we are passing through presently would affect the market but it would be in the long term.
“When we look at some of these companies that are in the market, they are really making good business now.
“And at the end of the day, the report they will give as their quarterly report will be very encouraging, I am quite sure,” he said.
According to him, the manufacturing companies, beverages and others are earning good money now unlike some other sectors like hotels and the likes.
“Some of the companies will surely give us good reports but we cannot rule out that the market will definitely feel the heat after this period.
“But one thing I know is that, it is not going to be for the long term but for the short term and at the end of the day the market will definitely correct itself.
“This will make investors to keep on enjoying themselves,” he said.
Akinduro also said the electronic means of transactions had been effective and helpful in the capital market.
“It seems our operators of the capital market have helped our economy by going ahead of this current situation.
“The leadership of the Nigerian Stock Exchange at this present time envisaged this and has put every stock broking firm on their toes to ensure that they are up to the task.
“As you can see now, there is no physical trading but trading is going on online and investors are participating.
“That is why when you have leadership they should see challenges ahead before it turns to problem.
“They have envisaged this before now and we thank God that the real time trading is really helpful to investors now and we are enjoying it.
“If I have anything to buy today and I instruct my broker before noon, I get the alert that is to show us the proactiveness of the NSE and the capital market.”
Akinduro said if NSE had planned for such a time as this, he believed there would not be any way the investors could be participating in the market as at now.
“They are aware of this and have put a tough strategy in place so we don’t feel the heat of the lockdown on the market as everything is going on as it ought to be,” he said. (NAN)
NAN reports that the association has members in Ekiti, Kwara, Ogun, Ondo, Osun and Oyo States. (NAN)
– May 22, 2020 @ 14:29 GMT |